GBPUSD bounces off the 61.8%
The GBP was the strongest currency entering the New York session, but has was some ground as stock selling and USD buying took over. The high price today has reached 1.26664. That was still about 20 pips short of the key 200 day moving average 1.26858. That moving average level remains a key upside target.
On a corrective move lower however, the price did fine support against the broken 61.8% retracement of the move down from the June 10 high. That level comes in at 1.25975 the swing high from Tuesday at 1.25913 is also a support level. Stay above that area and the buyers are still in control.
The GBPUSD has been up 6 the last 7 trading days. The close from yesterday was around the 1.2608 level. The pair is currently trading at 1.2621.
